In a step to make its services more enticing to the crypto community, BitGet Wallet has made its fiat withdrawal option live on its platform. Starting Tuesday, July 22, Bitget Wallet users will be able to convert their stablecoin holdings into fiat currencies. The Seychelles-headquartered company has teamed up with fintech firm MoonPay to facilitate these transactions, it said in an announcement post.
The platform, in its announcement, noted that its users can now convert their Tether (USDT) and Circle (USDC) stablecoins directly into fiat currencies and wire it into bank or PayPal accounts. In the first phase of its rollout, the wallet has made this service compatible with over 25 currencies. These include GBP, EUR, USD, and AUD among others.
For now, conversions on the Bitget Wallet will work for the USDC and USDT tokens held on Ethereum, Solana, BNB Chain, Base, and Tron blockchains.
The platform has shared a video guide on X, guiding users on where and how to access this newly launched feature within the app.
Originally launched in 2018 as BitKeep, the assets custody platform was rebranded to Bitget Wallet after the Bitget crypto exchange purchased a controlling $30 million stake in August 2023. Data on its website claims that Bitget Wallet has a userbase of 80 million. The app that lets users trade, earn, pay, and discover Web3, can be downloaded from Google Play as well as the App Store.
With this crypto-to-fiat conversion feature, the wallet aims to eliminate the need for its users to transfer assets to third-party centralized exchanges for fiat withdrawals. As reported by CoinTelegraph, the platform’s idea is to create a decentralised full-cycle asset management ecosystem.
In recent months, Bitget has made some notable announcements that indicate towards its expanding service portfolio. Earlier last month, for instance, it partnered with Mastercard to launch zero-fee crypto cards in the UK as well as across the EU regions.